Page 12 - MEOG Week 37 2022

MEOG NEWS IN BRIEF MEOG

Russia’s invasion of Ukraine. GAS Having arrived at the site last Wednesday,
Iraq is the second largest producer in the Abdulhamid Han will carry out its exploratory
Organisation of the Petroleum Exporting Turkey pins hopes on East mission for two months.
Countries (Opec). It exports an average of Equipped with seventh-generation
3.3m barrels of crude oil per day (BPD), while Med drilling advanced technology, Abdulhamid Han
production in Kurdistan amounts to just over weighs 68,000 gross tons and can drill down
450,000 BPD. Turkey’s newest drilling ship has started more than 12,000 metres (39,000 feet). It is
The country uses revenue from its oil the search for oil and natural gas in the one of five seventh-generation drilling ships
reserves to fund 90 percent of the federal Mediterranean Sea, the country’s energy globally. It has a tower height of 104 metres
government’s budget. minister said Wednesday, over a week after it and a crew capacity of 200.
MIDDLE EAST EYE was sent off on its first mission. The 238-meter-long and 42-meter-wide
The latest and the most advanced undersea vessel is the largest and most technologically
hydrocarbon drillship in the country’s fleet, advanced deep sea drilling ship in Turkey’s
COMPANIES Abdulhamid Han will carry out explorations survey and exploration fleet.
at the Yörükler-1 well, about 55 km (34 Turkey’s other drillships – Fatih, Kanuni
UKOG raises further finance miles) off the coast of Gazipaşa, in Antalya and Yavuz – are operating in the Black
province.
Sea. All four ships are named after Ottoman
for Turkey operations Fatih Donmez voiced hopes the search in sultans.
Energy and Natural Resources Minister
The Sakarya gas field, located around 150
AIM-listed UK Oil & Gas (UKOG) the Eastern Mediterranean would result in km off the country’s coast in the Black Sea,
announced on September 12 that it has raised discoveries similar to those in the Black Sea, is home to Turkey’s largest-ever natural gas
GBP3m ($3.5mn) to spend in Turkey from a where Turkey discovered a natural gas reserve discovery.
placing of more than 3bn new shares. with a volume of 540 billion cubic metres The first pipes for the underwater pipeline
UKOG said in a statement that the money (bcm). network that will transport gas onshore were
would fund further seismic testing and a new “We are determined to follow up on the laid in June. The first section was connected
appraisal well in the Resan licence in Turkey. happy news from the Black Sea with new to the seabed from the port of Filyos in the
Oil production from the well was expected in good news in the Mediterranean this time,” northern province of Zonguldak.
1H23, it added. Donmez wrote on Twitter on Wednesday. The government says the pipeline that will
UKOG has run a series of placings to raise “With the sweat of our engineers and the connect the wells in the field to the processing
money for operations in Turkey. It raised prayers of our nation, may the fate of our ship facility will start pumping the gas as of the first
GBP1.5m in July and GBP5m in July 2021. be good and its drilling fruitful.” quarter of 2023.
The company said: “The placing has been The spot northwest of the island of Cyprus More than 60% of the pipelaying on the
undertaken to provide the Company with a in the Eastern Mediterranean is outside waters 170-kilometer-long deep seabed has been
source of general working capital and to help claimed by the Greek Cypriot administration. completed. The remaining works are expected
deliver the Company’s previously stated near Addressing the launching ceremony on to be completed by the end of next month.
term goals of completing the Phase 2 Turkey Aug. 9, President Recep Tayyip Erdogan Turkey is still highly dependent on imports
seismic programme and the subsequent brushed aside the Greek and Greek Cypriot to cover its energy needs, whose price has
drilling of a new appraisal well in the Basur administrations’ objections to such drilling rocketed following Russia’s invasion of
oil discovery, anticipated to be able to add missions and said Turkey has the right to Ukraine.
near-term oil production to the Company in search for energy in its own areas. Last year, 45% of the gas used in the
H1 2023.” “Our exploration and drilling in the country came from Russia and the rest from
The shares were issued at GBP0.0875. Mediterranean is within our own sovereign Iran and Azerbaijan.
That marked a 20% discount on the previous dominion,” he said. “We don’t need to seek Turkey’s annual gas consumption has risen
closing price of UKOG. permission or ratification from anyone.” from 48 bcm in 2020 to a record 60 bcm in
NEWSBASE Turkey has not sent a vessel to the Eastern 2021 and is expected to reach 62 bcm to 63
Mediterranean since the withdrawal of the bcm this year, according to official figures.
Yavuz drillship in September 2020. DAILY SABAH

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